Suntrust Reduces Dividend

Yesterday, Suntrust (STI) cut its quarterly dividend 29.9%. The new quarterly rate will equal 54 cents per share versus 77 cents per share in the same quarter last year. At the time of the announcement, the company stated it has received preliminary approval from the U.S. Treasury for the sale of $3.5 billion in preferred stock and related warrants to the U.S. Treasury under the Capital Purchase Program of the Emergency Economic Stabilization Act of 2008.

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